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Weekly news 14


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Weekly news 14

  1. 1. WEEKLY NEWS (22nd Nov – 27st Nov, 2010)<br />- SambhavJain<br />
  2. 2. General Motors $23 bn IPO world's biggest<br />The underwriters, led by Morgan Stanley, JPMorgan Chase & Co, Bank of America Merrill Lynch and Citigroup Inc, exercised their option on an additional 71.7 million shares worth $2.37 billion. <br />The US automaker last week raised $20.1 billion in an IPO of common and preferred shares in the biggest US IPO ever. With this full overallotment, GM has now raised $23.1 billion, outpacing Agricultural Bank of China's $22.1 billion July IPO and making GM the biggest IPO globally. <br />
  3. 3. MukeshAmbani's first power bill in Antilia - Rs 70 lakh<br />In the one month since he moved in with wife Nita and their three children, the house has generated a power bill of Rs 70,69,488, Mumbai's highest residential electricity bill. <br />According to the bill for the month of September, Antilia consumed 6,37,240 units of power. To put it in perspective, an average household equipped with all electronic amenities consumes 300 units per month.<br />
  4. 4. China launches electronic passports<br />China has launched its first ever electronic passports that would contain information in microchips.<br />The adoption of electronic passports complies with international trends and plays an important role in international travel for officials.<br />The passport features an electronic data storage chip that contains personal data including name, family name, personal numeric code, the document's term of validity, the issuing agency and citizenship.<br />
  5. 5. Silver drops further on hectic off-loading, gold also falls<br />Silver continued to slide at the bullion market here today due to heavy off-loading by stockists and speculators amidst weak global cues. <br />Gold also declined owing to lack of local buying interest and jewellery demand. Silver ready (.999 fineness) slumped by Rs 350 per kg to end at Rs 42,005 from overnight closing level of Rs 42,355. <br />Standard gold (99.5 per cent purity) moved down by Rs 40 per 10 grams to close at Rs 20,345 from Rs 20,385.<br />
  6. 6. India food inflation at 10.15% y/y on Nov 13-govt<br />India's food price index rose 10.15 percent, while the fuel price index climbed 10.57 percent in the year to Nov. 13, government data on Thursday showed. <br />In the prior week, annual food and fuel inflation stood at 10.30 percent and 10.57 percent, respectively. <br />The primary articles price index was up 13.38 percent in the latest week compared with an annual rise of 13.30 percent a week earlier. <br />